Availability of Real Estate Evaluation System for Foreigners in Turkey
Foreigners appetite for the Turkish real estate market is multiplying day by day and the Turkish government has taken many measures to facilitate their transactions as a digital property document, and their rights are ensured through many laws that protect their investment from fraud or deception.
If you are interested in owning an apartment in Istanbul, you will need to see the details of this new system, in order to move forward in order to get to the property you want and which you can access by looking at our list of various projects where you can find your choice .
What is a Real Estate Evaluation System?
“Tasinmaz Degerleme Daire Baskanligi” is the official department responsible for the issuance of real estate valuation, contains group of accredited expert called “SPK” or “Sermaye Piyasası Kurulu”, which is a board of directors of the capital market is a group of financial management professionals who report according to international and Turkish standards to achieve a fair system nationwide.
The validity of this report is three months. If the sale is not completed between the buyer and the buyer, the seller can use the same report in a new sale with a new buyer.
If the property is under construction, the real value estimate will be at the time of completion of property turkey Istanbul, and the value determined by this report will appear in the title deeds.
The cost of this report is 1750 TL and the expected time to receive your report is three to six days in Istanbul.
After signing the Tabu, the real estate registry and its information system will add this report to their systems before returning it to the buyer.
Why Real Estate Evaluation System?
“TKGM” has announced that as of March 2019, foreigners, when purchasing real estate in Turkey, will need a real estate valuation indicating the value of the property before commencing the transaction and handing over the title deeds.
The government aimed to protect foreign investors from fraud on the one hand, which will increase the value of Turkey’s trade name in the world of foreign real estate investment, as well as to combat tax fraud where the price of property in title deeds is the same in the real estate valuation report Not to register the property for less than what was sold.
What does the Real Estate Evaluation report contain?
This report combines a number of important information about the property, from the details of the title deeds to the location of the property on the map, pictures of the property and similar house prices in Istanbul , the state of the debt on the property and the approval of the Land Registry and the General Directorate of Survey on the property.
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